Pro-XRP Lawyer Predicts Imminent Ripple-SEC Verdict, Here’s When

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As a long-term XRP investor with a keen interest in the legal landscape of digital assets, I’m closely monitoring the Ripple vs. SEC case and the potential implications for XRP. The recent Binance decision, which ruled that secondary market transactions do not constitute securities transactions under US law, is a significant development that could potentially influence Judge Torres’ ruling in the Ripple case.

Expert: Fred Rispoli, a prominent XRP lawyer and founder of HODL Law, has made an astonishing forecast about the outcome of the Ripple vs. SEC case. He drew attention to a recent court filing, specifically Ripple’s Notice of Supplemental Authority referencing the recent Binance decision by the US District Court for the District of Columbia.

In the Binance case decided on June 28, 2024, the court found that the Securities and Exchange Commission (SEC) had not provided enough evidence to prove that trading of BNB tokens in secondary markets qualified as securities transactions. This observation holds significance for Ripple, as it bears similarities to the legal issues Ripple is currently facing.

XRP Lawsuit Over By End Of July?

I recently came across a post from Rispoli where he mentioned, “Upon receiving a notification regarding a filing in the SEC versus Ripple case, my heart momentarily raced…However, it’s important to note that no ruling has been made yet. This was simply Ripple’s recent filing to Judge Torres disclosing last week’s Binance decision.”

According to Ripple’s argument, the sale of XRP tokens in secondary markets doesn’t fit the definition of securities transactions under US law, based on the “Howey Test.” This test is a legal standard used to identify investment contracts.

During a chat with Crypto Moon Amsterdam, Rispoli was queried regarding his predictions concerning the decision’s schedule. His response: “As for the expected timeframe for this ruling, I believe it’s crucial to exercise patience and wait for the due process to unfold.”

July 31, although I could see her doing July 13 to be poetic.

As an analyst, I’d rephrase it this way: The mention of July 13 holds significance as it marks the anniversary of Judge Torres’ landmark summary judgment in 2023, which declared XRP as not being classified as a security. This ruling had a profound impact on the digital asset market, causing a marked increase in XRP’s price almost instantly following the announcement.

The evolution of the XRP lawsuit debate from assessing its security classification to contemplating Ripple’s financial repercussions signifies a pivotal change in focus for this legal case. At first, the SEC proposed penalties totaling $2 billion. However, following several courtroom battles, the SEC has reduced their request to $102 million—a sum that Ripple continues to reject.

Prior to the ruling, Rispoli expressed doubt about the possibility of a pre-trial settlement, acknowledging that there were still outstanding issues open for negotiation.

The judge estimated that the possible fine for Ripple could be under $25 million, with no requirement for Ripple to return any funds. The judge’s decision made all past sales she deemed illegal permanently prohibited. However, the judge ruled that new contracts mentioned by Ripple were not part of the ongoing case, so the SEC would need to file another lawsuit if they believed these violated the ruling.

As an analyst, I would describe the situation as follows: The XRP price remained unresponsive to recent news developments over the past day. Instead, its price action aligned with the general crypto market direction, which saw a minor dip of around 2.6% for XRP. Concurrently, there was a noticeable surge in trading activity related to XRP, resulting in a substantial increase of approximately 24%.

At press time, XRP traded at $0.4764.

Pro-XRP Lawyer Predicts Imminent Ripple-SEC Verdict, Here’s When

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2024-07-03 22:11